​​​​​​​Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Altcoins tease massive upswing if Bitcoin holds $30,000


  • Bitcoin is likely to break down to $23,000 if descending triangle support shatters.
  • Ethereum remains in the hands of the bulls as investors choose to hold long term.
  • Ripple remains motionless above $0.25; recovery to $0.3 becomes a pipe dream.

The cryptocurrency market is relatively quiet, especially with most of the cryptocurrencies in consolidation. Bitcoin affirmed the support at $30,000 before bouncing upwards. Ethereum is on the verge of breakout back to the record highs after testing the support at $1,200.

Chainlink has been the darling of the cryptocurrency space in January, rising significantly above $20 and hitting a new all-time high at $25. Its rally seems unstoppable and could elevate LINK to $30, as predicted earlier.

Dogecoin is flying the bullish flag above the cryptocurrency horizon, following a whopping 40% upswing in 24 hours to exchange hands at $0.99. Elrond is also up 22%, adding credibility to the notion that altcoins will rally as long as Bitcoin does not go crazy on the downside.

Bitcoin bulls defend critical support, but for how long?

Bitcoin spiraled back to sub $30,000 after losing the support discussed on Wednesday at $31,000. A recovery ensued, with BTC stepping past $31,000. Action toward $32,000 (next critical target) appears to have lost steam. Thus, the pioneer cryptocurrency is struggling to stay above $31,000.

The 4-hour chart illustrates the formation of a descending triangle. This pattern is considered bearish and can culminate in an extended downswing.

The triangle is formed by a series of lower peaks connected using a trendline, while a horizontal line connects the troughs. Usually, a breakdown is expected as the price slices below the lateral line. Triangles have exact breakdown targets, measured from the highest to the lowest point of the pattern.

If Bitcoin loses the critical support at $30,000, we can expect a 24% spiral to lower levels around $23,000. BTC’s short-term outlook is bearish, as reinforced by the Relative Strength Index.

BTC/USD 4-hour chart

BTC/USD 4-hour chart

The massive downswing will be avoided altogether if Bitcoin settles above $32,000. Moreover, stepping above the 50 Simple Moving Average would confirm to the bulls and investors that recovery to $40,000 is in the cards.

Ethereum poised for the move to $1,500

Ethereum plunged to the support at $1,200 but has since recovered toward $1,300. As covered earlier, on-chain metrics have remained extremely bullish despite the correction from the record high.

The 4-hour chart shows that Ether must rise above the 50 SMA to confirm the breakout above a descending wedge, explained on January 28. Some resistance is expected at $1,300, but $1,500 will be the next pit stop if ETH makes its way through.

ETH/USD 4-hour chart

ETH/USD 4-hour chart

On the downside, if the hurdle at the 50 SMA remains unshaken, Ethereum could correct to seek balance, perhaps at the 100 SMA. The bearish leg might extend to $1,200, but if push comes to shove, we can expect a breakdown to $1,000.

Ripple is nowhere near a breakout

Ripple has relatively been in consolidation the whole of January. Trading above $0.3 was unsustainable, mostly after XRP caved upon hitting 200 SMA resistance.

Overhead pressure continues to intensify under the confluence level at the 200 SMA and 100 SMA. Support at $0.25 is critical to the ongoing stability. However, XRP keeps losing momentum despite the consistent push for a breakout above $0.3.

XRP/USD 4-hour chart

XRP/USD 4-hour chart

The Moving Average Convergence Divergence (MACD) confirms that sideways action will last longer. This indicator has a bearish bias suggesting the recovery is an uphill battle, at least for now.

It is worth mentioning that the anchor at $0.25 must be guarded at all costs to ensure that losses to $0.2 are averted. If a breakdown ensues, the buyer congestion at $0.24 will absorb some of the selling pressure.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

XRP price eyes deeper losses, as 200-DMA looks at risk

XRP price is licking its wounds so far this Saturday, having reached the lowest in three months at $0.7691 on Friday. XRP bears are set to breach the 200-DMA, with a test of May lows likely. Ripple confirmed a symmetrical triangle breakdown on the daily chart. The path of least resistance appears to down despite the tepid bounce.

More Ripple news

SafeMoon Price sees a dead cat bounce before the next downswing kicks in

SAFEMOON price is fading the recovery momentum this Saturday after falling for four days in a row earlier this week. Technical up on the 4H chart paints a bearish picture. RSI remains bearish, as more weakness likely in the near term.

More SafeMoon News

DOGE price eyes $0.1950 if key 100-DMA support caves in

Dogecoin sellers refuse to give up, as the bearish momentum extends into the fifth consecutive day on Saturday. Dogecoin price eyes a break below key 100-DMA support on the daily chart. The May 19 flash crash lows at $0.1950 remain on the sellers’ radars. 

More Dogecoin news

Cardano price stalls four-day losing streak, but not out of the woods yet

Cardano (ADA/USD) is snapping its four-day losing streak, attempting a minor recovery on Saturday amid a sluggish tone seen across the crypto market. ADA price is down about 3% over the week, having risen 750% from the start of the year. 

More Cardano News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP